Advisors Asset Management Inc. purchased a new position in Brown & Brown Inc. (NYSE:BRO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,000 shares of the company’s stock, valued at approximately $112,000.
Several other large investors have also recently bought and sold shares of BRO. CIBC Asset Management Inc increased its stake in Brown & Brown by 0.4% in the second quarter. CIBC Asset Management Inc now owns 6,677 shares of the company’s stock worth $250,000 after buying an additional 26 shares during the period. IBM Retirement Fund increased its position in shares of Brown & Brown by 1.4% in the second quarter. IBM Retirement Fund now owns 11,756 shares of the company’s stock worth $440,000 after buying an additional 168 shares during the last quarter. Capstone Asset Management Co. increased its position in shares of Brown & Brown by 2.9% in the second quarter. Capstone Asset Management Co. now owns 11,458 shares of the company’s stock worth $429,000 after buying an additional 320 shares during the last quarter. Utah Retirement Systems increased its position in shares of Brown & Brown by 2.4% in the second quarter. Utah Retirement Systems now owns 21,192 shares of the company’s stock worth $794,000 after buying an additional 500 shares during the last quarter. Finally, Ironwood Investment Counsel LLC increased its position in shares of Brown & Brown by 2.5% in the first quarter. Ironwood Investment Counsel LLC now owns 22,365 shares of the company’s stock worth $800,000 after buying an additional 550 shares during the last quarter. 72.81% of the stock is owned by institutional investors.
Shares of Brown & Brown Inc. (NYSE:BRO) traded down 1.09% during mid-day trading on Friday, hitting $38.21. The stock had a trading volume of 1,080,459 shares. The stock has a 50 day moving average of $37.39 and a 200-day moving average of $36.28. The stock has a market capitalization of $5.34 billion, a P/E ratio of 21.35 and a beta of 0.93. Brown & Brown Inc. has a 52 week low of $28.41 and a 52 week high of $38.69.
Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 18th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. Brown & Brown had a return on equity of 11.68% and a net margin of 14.87%. The business had revenue of $446.50 million for the quarter, compared to analyst estimates of $439.70 million. During the same quarter in the prior year, the company posted $0.43 earnings per share. On average, equities research analysts predict that Brown & Brown Inc. will post $1.81 earnings per share for the current year.
BRO has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Brown & Brown from a “hold” rating to a “sell” rating in a research note on Tuesday, June 21st. JPMorgan Chase & Co. initiated coverage on Brown & Brown in a research note on Tuesday, June 28th. They issued an “underweight” rating and a $32.00 price objective on the stock. BMO Capital Markets reissued a “market perform” rating and issued a $37.00 price objective (up from $34.00) on shares of Brown & Brown in a research note on Tuesday, July 12th. Royal Bank Of Canada raised their price objective on Brown & Brown from $35.00 to $37.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 20th. Finally, RBC Capital Markets reissued a “sector perform” rating and issued a $37.00 price objective (up from $35.00) on shares of Brown & Brown in a research note on Wednesday, July 20th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Brown & Brown has an average rating of “Hold” and a consensus price target of $35.18.
In related news, EVP Robert W. Lloyd sold 2,971 shares of the company’s stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $37.32, for a total transaction of $110,877.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 17.49% of the company’s stock.
About Brown & Brown
Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services in the property, casualty and employee benefits areas. It provides customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services.
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